Thai Oil Major PTT to Create Renewable Energy Blockchain Platform

Asia Blockchain Review

Reported by Renewables Now, Bangkok-based PTT is looking to facilitate renewable energy trading across the ASEAN bloc and with Japan.

Blockchain Platform to Empower Renewable Energy Trading

PTT, which is a major producer of petroleum and power for Thailand and its neighbors, has partnered with global non-profit energy blockchain developer Energy Web Foundation (EWF) to set up the trading platform, which will use blockchain technology to facilitate the buying and selling of renewable energy assets.

The initial aim of the project is to have the blockchain platform facilitate renewable energy trading across the Association of Southeast Asian Nations (ASEAN), a grouping that spans 10 countries including major economies Singapore and Indonesia. PTT and EWF indicated that they have also set their sights on fostering trade between the region and Japan.

Platform to Comply with International REC Standard

The technology, to be called the PTT Renewables Marketplace Platform, is being developed to ensure compliance with the International REC Standard (I-REC).

According to the registry’s website, the I-REC “was developed to address requirements for a robust mechanism through which energy products from renewable sources can be certified through the electricity supply chain”.

PTT and EWF are currently working on modules that will constitute the platform. Slated for launch in May 2020, the platform will bidirectionally sync with the I-REC database, which is overseen by the Green Certificate Company. Future plans already being considered for the platform include adding clean charging for electric vehicles and power purchase agreements.

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Asia Blockchain Review aims to connect all blockchain enthusiasts on a regional scale, facilitating the technological underpinnings of blockchain through a range of group discussions, technical workshops, conferences and consulting programs.